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Today General Knowledge(GK)
What is called when insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal?
A)
Principle of Contribution
B)
Utmost Good Faith
C)
Nature of contract
D)
Double Insurance

Correct Answer : Option (C) - Nature of contract



Nature of contract is a fundamental principle of insurance contract. An insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal.

Published On : June 2, 2021
Category : Insurance and Finance
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